- by Jason Gregory
- Monday, October 01, 2007
- Photo by: Shirlaine Forrest
- filed in: Rock
Independent music labels in the United Kingdom have called for the Universal Music Group to be investigated because of its continuing dominance of the music industry.
The request from trade body AIM comes after Universal’s recent acquisition of V2 Records – who are home to Stereophonics, Bloc Party and Paul Weller.
Universal purchased Richard Branson’s V2 label last month for £7 million, saying that the purchase was “pro-competitive.”
Despite gaining approval from trading standards, AIM believe that the purchase further highlights Universal’s “creeping dominance” of the industry, reports the BBC.
Alongside their takeover of V2, Universal also recently acquired Sanctuary Records in a £44.5 million deal.
The music group’s dominance was shown in last week’s UK charts, where 55% of artists were attached to a label under Universal’s ownership. In comparison, AIM’s share of the market was 20%.
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